Hitachi managing director Karen Boswell said the firms will "draw on a huge wealth of UK experience".

She added: "Our aim is to deliver a new British icon that will be recognised around the world - a Spitfire for the British railway."

Richard Hunter, Bombardier's UK managing director said: "We will combine both companies' global high-speed expertise with unrivalled British experience, and help generate skills and prosperity across a number of UK regions."

The formal tendering process is due to start later this year, with the winner announced in late 2019.

Four other bidders have also been shortlisted - Alstom Transport, Patentes Talgo, Siemens and CAF.

CAF's bid failed to make the shortlist announced in November last year, but an HS2 Ltd spokesman said it has been added "to ensure a robust competition" following the decision by Bombardier and Hitachi to form a partnership.

The award of UK train-building contracts to foreign firms with overseas manufacturing plants has been criticised in recent years.

In 2011, Germany-based Siemens was handed a £1.6bn deal to build trains for London's Thameslink, and in 2016 Spanish company CAF won a £490m contract to manufacture trains for Arriva Rail North.

Alstom opened a train technology and manufacturing facility in Widnes, Cheshire, in June last year, while CAF will open a train factory in Newport, Wales, this autumn.

Another Spanish manufacturer, Talgo, is planning to build a factory in the UK and has visited potential locations in Leeds and Liverpool.